Press Release - Thursday, September 28, 2006
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Quinn Joins Quad Cities Legislators in Call for Utility Rate Freeze Extension
(MOLINE) - On Thursday, Sept. 28, at 10 a.m., Lt. Gov. Pat Quinn joined State Rep. Mike Boland (D-Moline) in urging the General Assembly to extend the state's utility rate freeze and protect consumers from a proposed 25 to 55% hike in their electric bills.
"I applaud these state legislators for standing up to protect Illinois consumers from this outrageous money grab by the big utility companies," Quinn said. "More and more of Illinois families' household budget is going toward buying energy. After the record high gasoline prices this summer and the soaring natural gas costs last winter, this threatened hike in electric rates is a triple whammy. "
Boland, State Sen. Mike Jacobs, and State Rep. Patrick Verschoore (D-Rock Island) have pledged their support for HB 5766, the Electric Consumer Protection Act, sponsored by State Rep. Lisa M. Dugan (D-Kankakee). The bill would extend the current statewide freeze on electric utility rates until 2010.
During the nine years of the rate freeze, Exelon/ComEd's profits have increased by 320%. Ameren's profits have doubled.
"We've shown that this rate freeze protects consumers and still gives utilities a more-than-adequate profit margin," Quinn said. "These giant utility companies are already making record profits. Now they want to make obscene profits. This law will help the people of Illinois, and it needs to pass during the veto session in November."
Earlier this month, the Illinois Commerce Commission announced the results of a so-called reverse auction of electric power providers which will result in gigantic rate increases throughout Illinois.
"When this freeze was passed, the General Assembly expected competition between electricity providers to result in lower prices for Illinois consumers," Jacobs said. "Now, however, the biggest buyer of electrical power - ComEd - is owned by the biggest seller of electric power. Without true competition, consumers need the protection of the rate freeze."
"We have a responsibility to protect the people of Illinois from this outrageous rate increase," Boland said. "If these utility companies refuse to offer Illinois consumers a fair deal, it's our job to step in."
Last week, Quinn sparked a statewide protest by urging Illinois consumers to send teabags along with their electric bill payments to show their outrage over the planned rate hikes. The teabag campaign has focused grassroots opposition and brought international attention to the big utility companies' plans to shake down Illinois consumers.
On Monday, Quinn unveiled StandingUpForIllinois'.org's new virtual teabags -- eye-catching on-line images and animation that allow Illinois consumers to express their outrage on-line. Demonstrating the power of electronic democracy, StandingUpForIllinois.org gives Illinois residents an easy, effective way to communicate their concerns about the pending rate hikes to utility company top executives.
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